Exchange rate risk does not determine investment patterns. One striking result of The Conference Board survey is the extent to which global businesses look through exchange rate volatility to focus on key markets, almost irrespective of their exchange rate risk. Although 37 percent of respondents say that foreign exchange issues have become more important in recent years, less than 10 percent indicate that exchange rate volatility has inhibited their overall foreign investment, and only 17 percent “strongly agree” that exchange rates have reduced their profitability or put the firm at a significant competitive disadvantage.